Shown below are a number of events. For each of these, state the impact on the financial statement element or ratio in each of the column headings. Explain the impact using the words Increase, Decrease, or No Effect.

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Event Change from average cost to FIFO when inventory costs are rising Record the effect of inventory theft Write down inventory to its net realizable value Change from average cost to FIFO when inventory costs are falling Cost of Goods Sold Gross Retained Current Profit Inventory Earnings Ratio